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How is Parents Health Insurance Policy Premium Calculated ?

Truly, parents are our most valuable asset in life. Your parents lay the foundation of your life unarguably their entire life revolves around you. They have spent years sacrificing their life goals just to ensure your needs are fulfilled, however after a certain phase of life, it’s you who has to take care of them. With growing age, they are more probable to diseases. They are prone to infection and their immunity level decreases, which may lead to frequent visit to the Doctor’s clinic or an unprecedented surgery. To ensure quality medical assistance without creating financial imbalances, health insurance for parents. These plans are uniquely designed for every age to ensure total health care.

While buying health insurance or medical insurance for parents you have to choose the coverage and benefits very cautiously. Generally, health insurance premium for parents is usually on the higher side, higher the age higher the probability of risks. In the long run, medical insurance premium for parents can also help you save tax up to Rs. 35000 under section 80D.

Entry age – Most of the insurance companies keep no restriction in entry or exit age, however if there is any you need to check if your parents fit in the age bracket.

Pre-existing diseases - There are two types of pre-existing diseases, some diseases are permanently excluded from your policy for example cancer or HIV, however some can be covered after a waiting period of 3-4 years. Always check the list of pre-existing diseases before buying a health insurance for parents.

Renewal Age - Ideally there should be no restriction in renewal age. HDFC ERGO offers my health: medisure classic insurance with lifetime renewability. This means you can renew your parents policy for lifetime, giving them health cover forever just by ensuring timely renewals.

Waiting period - Every policy is unique. Check the waiting period table before buying a health insurance for parents, usually there would be a waiting period for pre-existing diseases.

Before buying a health insurance plan for parents always check the list of coverage, exclusion and waiting period. The above factors also help in deciding the health insurance premium for parents. You can also look for health insurance for parent’s premium calculator and get the right premium for your parents.

health insurance for parents premium calculator

medical insurance premium for parents

medical insurance premium for parents (sec 80d)

health insurance premium for parents

health insurance parents plan

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